Eng. Olayan Mohammed Al-Wetaid, Group Chief Executive Officer of stc Group has confirmed that the IPO from solutions by stc, one of the stc Group companies, came in line with our strategic direction towards growth as part of our pursuit of several ambitious digital projects. This enables us to develop innovative digital products and tap new markets, and also support our efforts in sustainability and governance. It also gives us a stronger presence at the local, regional and international levels, helping us to be a leader and the top provider of ICT services not only in the KSA, but also in North Africa and the Middle East region."
Al-Wetaid also pointed out that this IPO is a new paradigm and a significant shift in supporting companies operating in the ICT sector, as those companies play key roles in the KSA Vision 2030, investing in technology is a priority that supports development at different areas in KSA, at stc, we work on making contributions to this Vision and giving the opportunity to corporate and individual investors to join us on this journey. We rely on an ambitious strategic plan to support sustainable growth and this step is a part of stc Group support for digitization in all sectors through an integrated package of services provided by the Group and its companies, this supports success of solutions by stc as a part of the stc network of companies, turning it from a 100-million-riyal acquisition into a company with an estimated value of SR 18 billion.
Source: stc Press Release